CGI Merchant loses 550 Biltmore as its portfolio cracks
CGI Merchant Group is catching zero breaks, as its South Florida portfolio unravels under the crushing weight of debt woes. In the latest trouble, the firm lost the 15-story 550 Biltmore office building, at 550 Biltmore Way, in Coral Gables. Miami-Dade Circuit Judge Abby Cynamon issued a judgment last month for $61.3 million in favor of lender SDI Biltmore Borrower, an entity tied to Coral Gables-based Secured Debt Investments, ordering a foreclosure sale March 23. The amount breaks down to $49.2 million owed in principal for a 2021 loan, $12.1 million in default interest and $68,000 for attorney fees and […]This article originally appeared on The Real Deal. Click here to read the full story.
Recent Posts
Jupiter mansion sells for $35M as buyer levels up in Admirals Cove
Lennar’s land bank spinoff Millrose bought 1,200 single-family rentals
Cash4Keys principals, United Realty agent accused of stealing elderly man’s house, dumping him in Miami Gardens
Southwest Ranches estate once owned by Mexican pop icon Juan Gabriel hits market for $39M
Miami-Dade’s affordable housing gap grows to 118K units, even as low-income earners flee
Palm Beach’s “Ham and Cheese House” finds buyer at $105M
Estates at Acqualina penthouse with private pool lands $40M contract
“They’re getting hammered”: Fisher Island Club fee dispute escalates into $5M class action after community association sues members
Florida home permits fall 21% in September
Treasury proposes rules for large home investors
